Finscend's AI Technology Is Revolutionizing the Way Banks Process Credit Card Disputes
TEL AVIV, Israel, November 21, 2018 /PRNewswire/ --
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Finscend, a hot fintech start-up that revealed its state-of-the-art Bank Dispute Platform (BDP) at the MoneyLIVE Nordic Banking 2018 conference in Copenhagen earlier this month, has reported a significant spike in interest in the solution from banks and other financial institutions that issue credit cards throughout Northern Europe.
"We believe banks that deploy Finscend's BDP will immediately benefit from a dramatic reduction in the cost of credit card disputes and free them from their traditional dependeny on external support processing centers," states Moshe Teren, the company's CTO and co-founder.
When a card holder requests the issuing bank to raise a dispute, BDP jumps into action to facilitate and streamline the entire system. What enables it to do so is a proprietary technology that incorporates machine learning and artificial intelligence while interacting seamlessly with all existing banking infrastructure. This synthesis allows BDP to automatically calculate a unique dispute-or-not score based on input it receives from hundreds of data points within the payment ecosystem. Based on the score, BDP generates an optimal result for the bank's dispute department.
"Moreover," Teren notes, "BDP has been designed to assure that banks remain compliant with regulatory obligations by identifying, tracking, and monitoring abuse and errors in the system."
"By incorporating all these critical attributes on the same platform, Finscend is revolutionizing the way in which credit card disputes are processed," Teren concludes. "Given the positive reception it received in Copenhagen, we anticipate that our Bank Dispute Platform will generate similar excitement at the MoneyLIVE Summit 2018 to be held November 26-27 in London."
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